[Ranking] TOP 25 Steel / Manufacturing Companies Q3/2023
Intro
The steel industry, a crucial sub-industry in the broader manufacturing sector, plays a vital role in the global economy. With its extensive applications across various sectors, including construction, automotive, energy, and infrastructure, steel serves as the backbone of industrial development.
The profound influence of the steel industry extends far beyond its immediate reach, creating ripple effects throughout the economy. As a key input for manufacturing processes and infrastructure projects, the availability and pricing of steel impact industries such as transportation, machinery, and construction, shaping their performance and profitability.
In recent years, the steel industry has demonstrated remarkable economic magnitude and an upward trajectory. With the growing demand for steel in emerging economies and the continuous expansion of urbanization and infrastructure projects worldwide, the industry has experienced substantial growth, attracting significant investments and fostering innovation.
The steel industry is not immune to trends, breakthroughs, and obstacles that shape its direction. Factors such as technological advancements, environmental concerns, trade policies, and market fluctuations influence the industry's dynamics. Companies within the steel sector must navigate these challenges while seeking opportunities for sustainable growth and competitive advantage.
The ever-changing landscape of the steel industry sets the context for the exploration of its leading companies. As the industry adapts to new market conditions, emerging technologies, and evolving customer demands, companies must continually innovate to maintain their market position and capitalize on emerging opportunities.
Ranking
#25 Magnitogorsk Iron And Steel Works
Employees: 25K
Revenue: 4.3B$
Website: https://www.mmk.ru/en/
Description: Magnitogorsk Iron And Steel Works (MMK) is a leading player in the steel manufacturing industry. Headquartered in Magnitogorsk, Russia, MMK has been operating since its establishment in 1932. With a workforce of approximately 25,000 employees, the company has established itself as a major contributor to the steel industry. MMK generates significant revenue, reporting an impressive 4.3 billion dollars. As one of the largest steel producers in Russia and Europe, MMK specializes in the production of various steel products, including hot-rolled and cold-rolled steel sheets, long products, and coated steel. The company's commitment to quality and innovation has enabled it to meet the diverse needs of customers in sectors such as construction, automotive, and machinery manufacturing.
#24 Steel Authority Of India Limited
Employees: 80K
Revenue: 4.5B$
Website: https://www.sail.co.in
Description: Steel Authority Of India Limited (SAIL) is a leading steel producer based in New Delhi, India. Established in 1954, SAIL operates in the steel manufacturing industry and is one of the largest steel-making companies in the world. With a workforce of approximately 80,000 employees, SAIL is committed to producing high-quality steel products for various sectors such as construction, infrastructure, automotive, and engineering. The company's extensive portfolio includes a wide range of products including flat steel, long steel, and special steel. SAIL's state-of-the-art manufacturing facilities and advanced technologies enable it to meet the growing demand for steel in both domestic and international markets. With an annual revenue of approximately 4.5 billion dollars, SAIL continues to play a crucial role in India's industrial development and economic growth.
#23 Gerdau
Employees: 30K
Revenue: 9.5B$
Website: https://www.gerdau.com/
Description: Gerdau, headquartered in Porto Alegre, Brazil, is a prominent player in the steel manufacturing industry in South America. Founded in 1901, the company has a workforce of approximately 30,000 employees. Gerdau generates an impressive revenue of 9.5 billion USD. With a strong focus on steel production, Gerdau operates a vast network of mills and recycling facilities, producing a wide range of steel products for construction, automotive, and energy sectors. The company is committed to sustainability and has implemented initiatives to reduce its environmental impact, including the use of recycled scrap metal in its manufacturing processes. Gerdau continues to be a leading force in the steel industry, driving innovation and contributing to the development of South America's manufacturing sector.
#22 Maanshan Iron And Steel Company
Employees: 20K
Revenue: 10B$
Website: https://www.magang.com.cn/
Description: Maanshan Iron And Steel Company, headquartered in Ma'anshan, China, is a prominent player in the steel manufacturing industry. With a history dating back to 1958, the company has established itself as a leader in the production of steel products. Maanshan Iron And Steel Company employs approximately 20,000 dedicated professionals who contribute to its success. The company generates impressive annual revenue of around 10 billion dollars, a testament to its strong performance in the market. With a focus on manufacturing high-quality steel, Maanshan Iron And Steel Company continues to play a vital role in the steel industry both domestically and globally.
#21 JSW Steel
Employees: 30K
Revenue: 10B$
Website: https://www.jsw.in/steel
Description: JSW Steel, headquartered in Mumbai, India, is a leading player in the steel manufacturing industry in Asia. Established in 1982, the company has grown to become one of the largest steel producers in India. With approximately 30,000 employees, JSW Steel operates multiple manufacturing facilities across India, producing a wide range of steel products for various sectors including automotive, infrastructure, construction, and energy. The company's commitment to innovation and sustainability has enabled it to achieve significant growth and maintain its competitive edge in the market. With annual revenues of around 10 billion dollars, JSW Steel continues to expand its operations and contribute to the development of the steel industry in the region.
#20 Severstal
Employees: 50K
Revenue: 10B$
Website: https://www.severstal.com/
Description: Severstal is a leading steel manufacturing company headquartered in Cherepovets, Russia. Founded in 1955, Severstal has established itself as a major player in the steel industry. With approximately 50,000 employees, the company operates across various segments of the steel manufacturing value chain, including mining, steel production, and steel processing. Severstal's commitment to innovation and sustainability has enabled it to deliver high-quality steel products to customers worldwide. The company's annual revenue exceeds 10 billion dollars, making it one of the largest steel manufacturers globally. Severstal's strong presence and continuous growth in the steel industry have solidified its position as a key player in the manufacturing sector.
#19 Wuhan Iron And Steel Corporation
Employees: 30K
Revenue: 10B$
Website: https://www.wisco.com.cn
Description: Wuhan Iron And Steel Corporation (WISCO) is a leading steel manufacturer based in Wuhan, China. Founded in 1958, WISCO has established itself as a prominent player in the steel industry. With a workforce of approximately 30,000 employees, the company operates across various segments of the steel manufacturing process, including iron ore mining, coke production, sintering, steelmaking, and steel rolling. WISCO's headquarters in Wuhan, China's central city, strategically positions the company to serve both domestic and international markets. The company's annual revenue stands at around 10 billion US dollars, reflecting its strong position in the global steel market. WISCO is committed to producing high-quality steel products and continuously innovating to meet the evolving demands of the manufacturing industry.
#18 Shagang Group
Employees: 35K
Revenue: 10B$
Website: https://www.shasteel.cn/en/
Description: Shagang Group is a prominent player in the Steel manufacturing industry, with its headquarters located in Zhangjiagang, China. Founded in 1975, the company has grown to become one of the largest steel producers in Asia. With a workforce of approximately 35,000 employees, Shagang Group operates a diverse range of steel-related activities, including steel production, processing, distribution, and sales. The company is known for its high-quality products and innovative manufacturing techniques. With an annual revenue of around 10 billion dollars, Shagang Group has established itself as a key player in the global steel market, contributing significantly to China's steel industry and the country's overall economic growth.
#17 NLMK
Employees: 60K
Revenue: 10B$
Website: https://nlmk.com/
Description: NLMK (Novolipetsk Steel) is a leading steel company headquartered in Lipetsk, Russia. Established in 1934, NLMK operates in the manufacturing industry, specifically in the steel sector. With a workforce of approximately 60,000 employees, the company has established itself as a major player in the global steel market. NLMK has generated significant revenue, reaching around 10 billion US dollars. The company's commitment to quality and innovation has allowed it to maintain a strong position in the industry. NLMK's steel products are used in various sectors, including construction, automotive, and machinery, making it an integral part of the manufacturing industry.
#16 Steel Dynamics
Employees: 8.4K
Revenue: 11.8B$
Website: https://www.steeldynamics.com
Description: Steel Dynamics, headquartered in Fort Wayne, United States, is a leading player in the steel manufacturing industry. Founded in 1993, the company has grown to become one of the largest producers of steel in North America. With a workforce of approximately 8.4 thousand employees, Steel Dynamics operates multiple steel mills and metal recycling facilities across the United States. The company is known for its high-quality steel products and innovative manufacturing processes. Steel Dynamics generates an impressive annual revenue of 11.8 billion dollars, solidifying its position as a key player in the industry.
#15 Hyundai Steel
Employees: 15K
Revenue: 13.4B$
Website: https://www.hyundai-steel.com
Description: Hyundai Steel, headquartered in Incheon, South Korea, is a prominent player in the steel manufacturing industry. Established in 1953, the company has grown to become a leading producer of steel products in Asia. With a workforce of approximately 15,000 employees, Hyundai Steel operates with a strong commitment to innovation, sustainability, and customer satisfaction. The company's extensive product portfolio includes various types of steel, ranging from hot-rolled coils and plates to cold-rolled coils and galvanized steel sheets. Hyundai Steel's state-of-the-art facilities and advanced technologies enable them to deliver high-quality steel products to meet the diverse needs of industries such as automotive, shipbuilding, construction, and energy. With an annual revenue of 13.4 billion USD, Hyundai Steel continues to expand its global presence and contribute to the advancement of the steel manufacturing sector.
#14 United States Steel Corporation
Employees: 34K
Revenue: 13.7B$
Website: https://www.ussteel.com
Description: Headquartered in Pittsburgh, United States Steel Corporation is a leading player in the steel manufacturing industry. Founded in 1901, the company has a rich history and has grown to become one of the largest steel producers in North America. With approximately 34,000 employees, U.S. Steel operates across various segments, including flat-rolled, tubular, and European operations. The company's dedication to innovation and sustainability has allowed it to stay competitive in the ever-evolving steel industry. U.S. Steel generates an impressive revenue of 13.7 billion dollars, showcasing its significant market presence and financial strength.
#13 Evraz
Employees: 70K
Revenue: 14B$
Website: https://www.evraz.com/
Description: Evraz, a leading steel manufacturer headquartered in Moscow, Russia, operates in the Manufacturing industry. With a history dating back to 1992, Evraz has grown to become a major player in the global steel market. The company employs approximately 70,000 people worldwide, contributing to its strong presence in the industry. Evraz generates substantial revenue, amounting to around 14 billion US dollars. With its focus on producing high-quality steel products, Evraz plays a crucial role in meeting the demands of various sectors such as construction, energy, and transportation. Through continuous innovation and investments, the company remains committed to delivering excellence in the steel manufacturing sector.
#12 Novolipetsk Steel
Employees: 40K
Revenue: 14B$
Website: https://www.nlmk.com
Description: Novolipetsk Steel (NLMK) is a leading steel manufacturer headquartered in Lipetsk, Russia. With a history dating back to 1992, NLMK has established itself as a major player in the steel industry. The company employs approximately 40,000 employees and generates an impressive annual revenue of 14 billion dollars. NLMK operates a wide range of steel production facilities, including blast furnaces, steel shops, and rolling mills, enabling them to produce a diverse portfolio of steel products. NLMK's commitment to innovation and sustainability has made it a trusted supplier in the global manufacturing sector. Through its continuous efforts to improve efficiency and quality, NLMK remains at the forefront of the steel industry, driving growth and delivering value to its stakeholders.
#11 Ansteel Group
Employees: 100K
Revenue: 20B$
Website: https://www.ansteel.com.cn/
Description: Ansteel Group is a leading player in the steel manufacturing industry. Headquartered in Anshan, China, the company has a rich history dating back to its founding in 1948. With a workforce of approximately 100,000 employees, Ansteel Group operates across the entire steel value chain, from mining and processing raw materials to producing and distributing a wide range of steel products. The company has established itself as a major supplier of high-quality steel in both domestic and international markets. Ansteel Group's impressive revenue of 20 billion dollars reflects its strong market presence and successful business operations. With its commitment to innovation, sustainability, and customer satisfaction, Ansteel Group continues to be a key player in the global steel industry.
#10 Tata Steel
Employees: 65K
Revenue: 22B$
Website: https://www.tatasteel.com/
Description: Tata Steel, headquartered in Mumbai, India, is a leading player in the global steel industry. With a history dating back to 1907, Tata Steel has established itself as a renowned manufacturer of steel products. The company operates across various segments of the steel industry, including flat steel, long steel, and tubes. Tata Steel's diverse product portfolio caters to a wide range of industries, including automotive, construction, infrastructure, and packaging. With a workforce of approximately 65,000 employees, Tata Steel is committed to delivering high-quality steel solutions while prioritizing sustainability and innovation. The company's revenue stands at around 22 billion US dollars, making it a significant player in the global steel market.
#9 Nucor Corporation
Employees: 26K
Revenue: 22B$
Website: https://www.nucor.com
Description: Nucor Corporation, headquartered in Charlotte, United States, is a leading player in the Steel Manufacturing industry. Founded in 1940, the company has grown to become one of the largest steel producers in North America. With approximately 26,000 employees, Nucor operates numerous steel mills, steel products manufacturing plants, and recycling facilities across the region. The company is known for its innovative and sustainable approach to steel production, using electric arc furnaces that consume scrap steel as the primary raw material. Nucor has a strong focus on customer satisfaction and provides a wide range of steel products, including bars, beams, sheets, and plate, serving various industries such as construction, automotive, and manufacturing. With an annual revenue of 22 billion dollars, Nucor continues to drive the growth and development of the steel industry in North America.
#8 Baosteel Group
Employees: 85K
Revenue: 26.7B$
Website: https://www.baosteel.com/en/
Description: Baosteel Group is a leading player in the steel manufacturing industry, headquartered in Shanghai, China. Founded in 1978, the company has grown to become one of the largest steel producers in the world. With approximately 85,000 employees, Baosteel Group operates a vast network of steel production facilities, ensuring a diverse range of high-quality steel products. The company's dedication to innovation and sustainable development has enabled it to maintain a strong position in the global market. Baosteel Group's commitment to excellence is evident in its impressive revenue of 26.7 billion dollars. With its strong presence in the steel industry, Baosteel Group continues to contribute significantly to the manufacturing sector and drive economic growth in China and beyond.
#7 Nippon Steel Corporation
Employees: 80K
Revenue: 36B$
Website: https://www.nipponsteel.com
Description: Nippon Steel Corporation, headquartered in Tokyo, Japan, is a leading player in the global steel industry. With a history dating back to 1970, the company has established itself as a key manufacturer of steel products. Nippon Steel operates a diverse range of manufacturing facilities across Japan and overseas, producing high-quality steel products for various sectors including automotive, construction, and machinery. The company's commitment to innovation and technological advancements has enabled it to stay at the forefront of the industry. With approximately 80,000 employees, Nippon Steel generates an impressive revenue of 36 billion dollars, solidifying its position as a major player in the steel manufacturing sector.
#6 JFE Holdings
Employees: 40K
Revenue: 43B$
Website: https://www.jfe-holdings.co.jp/en/
Description: JFE Holdings is a leading company in the steel manufacturing industry. Headquartered in Tokyo, Japan, JFE Holdings has been operating since its foundation in 2002. With a workforce of approximately 40,000 employees, the company plays a significant role in the global steel market. JFE Holdings generates an impressive annual revenue of around 43 billion dollars. The company is known for its expertise in steel production, including the manufacturing of steel sheets, pipes, and other steel products. JFE Holdings focuses on delivering high-quality steel products to various industries, such as automotive, construction, and infrastructure. Through its commitment to innovation and sustainability, JFE Holdings continues to contribute to the growth and development of the steel manufacturing sector.
#5 Thyssenkrupp AG
Employees: 167K
Revenue: 47.8B$
Website: https://www.thyssenkrupp.com
Description: Thyssenkrupp AG, headquartered in Essen, Germany, is a prominent player in the Steel manufacturing industry. Founded in 1999, the company has grown to employ approximately 167,000 employees worldwide. With a revenue of 47.8 billion dollars, Thyssenkrupp AG is a major contributor to the global steel market. The company's activities in the industry encompass various segments such as steel production, processing, and distribution. Thyssenkrupp AG operates multiple steel plants and facilities across different countries, supporting the demand for steel in various sectors including automotive, construction, and engineering. Through its commitment to innovation and sustainability, Thyssenkrupp AG continues to solidify its position as a leading player in the steel manufacturing industry.
#4 HBIS Group
Employees: 200K
Revenue: 50B$
Website: https://www.hbisco.com
Description: HBIS Group is a leading steel company based in Beijing, China. With its headquarters in Asia, the company operates in the manufacturing industry, specifically in the steel sector. Founded in 2008, HBIS Group has grown to become one of the largest steel producers globally. The company employs approximately 200,000 employees, making it a major employer in the industry. HBIS Group generates significant revenue, with an estimated annual revenue of 50 billion US dollars. Known for its expertise in steel production, HBIS Group plays a crucial role in the manufacturing sector, contributing to infrastructure development and various industries around the world.
#3 ArcelorMittal
Employees: 191K
Revenue: 53.3B$
Website: https://www.arcelormittal.com/
Description: ArcelorMittal is a global steel manufacturing company headquartered in Luxembourg City, Luxembourg. With a workforce of approximately 191,000 employees, the company is one of the largest steel producers in the world. ArcelorMittal was founded in 2006 through the merger of Arcelor and Mittal Steel. The company operates in the steel industry, manufacturing a wide range of steel products for various sectors including automotive, construction, household appliances, and packaging. With a revenue of 53.3 billion dollars, ArcelorMittal has a strong market presence and maintains a global supply chain network to cater to the demands of its customers worldwide.
#2 POSCO
Employees: 20K
Revenue: 59B$
Website: https://www.posco.com
Description: POSCO, headquartered in Pohang, South Korea, is a leading steel manufacturer operating in the Manufacturing industry. Founded in 1968, the company has grown to employ approximately 20,000 employees. With an annual revenue of 59 billion US dollars, POSCO is a major player in the steel industry. The company specializes in the production of various steel products, ranging from hot-rolled and cold-rolled steel sheets to steel plates and wire rods. POSCO's commitment to innovation and sustainability has allowed it to expand its global presence and become a trusted supplier of high-quality steel products to customers worldwide.
#1 China Baowu Steel Group
Employees: 120K
Revenue: 60B$
Website: https://www.chinabaowusteel.com/
Description: China Baowu Steel Group is a leading player in the steel manufacturing industry. Headquartered in Shanghai, China, the company has rapidly grown since its establishment in 2016. With a workforce of approximately 120,000 employees, China Baowu Steel Group operates across the entire steel value chain, from mining and raw material processing to steel production and distribution. The company is known for its advanced manufacturing capabilities and high-quality steel products, catering to various industries such as automotive, construction, and manufacturing. With a revenue of around 60 billion dollars, China Baowu Steel Group holds a strong position in the global steel market, driving innovation and contributing to the development of the manufacturing industry in China and beyond.
Summary
The steel industry is a crucial part of the manufacturing sector, providing the foundation for various industries such as construction, automotive, and infrastructure. Forbes has analyzed the top companies in the steel sub-industry and ranked them based on their financial performance, market share, and industry influence.
One unexpected finding is the resilience of these top companies in the face of challenges such as fluctuating raw material prices and global economic uncertainties. Despite these obstacles, the leading steel companies have managed to maintain their market position and even expand their operations.
Among the premier companies in the steel sub-industry are ArcelorMittal, Nippon Steel Corporation, and POSCO. These companies have established themselves as major players in the global steel market, with extensive production capacities and a wide range of steel products.
A common element driving the prosperity of these top firms is their focus on innovation and technology. They have invested heavily in research and development to improve their production processes, enhance the quality of their steel products, and meet the evolving demands of their customers. Additionally, these companies have adopted sustainable practices to reduce their environmental impact and increase their sustainability.
What sets these eminent steel companies apart from their rivals is their global presence and diverse customer base. They have established a strong foothold in both developed and emerging markets, allowing them to cater to a wide range of industries and customers. Moreover, their strong supply chain management and strategic partnerships enable them to effectively navigate the complexities of the global steel market.